STATE BANK OF INDIA
Resolution Plan
Section 1: Public Section
March 31, 2021
The Bank’s U.S. Resolution Plan is intended to provide the FRB and FDIC with a
plan for the rapid and orderly resolution of Bank’s U.S. operations in the event of the
material financial distress or failure of the Bank’s operations in the United States. The
U.S. Resolution Plan includes the information required for a tailored plan, including a
description of the Bank’s banking operations and its critical operations and core business
lines, if any, that are conducted in whole or in part in the United States.
State Bank of India (the “Bank”) is a foreign banking organization duly organized and existing under the laws of India. In the United States, the Bank maintains (a) a New York state-licensed, insured branch (the “New York Branch”), (b) an Illinois state-licensed, insured branch (the “Chicago Branch,”) and together with the New York Branch, the “Branches”), (c) a California state-licensed agency (the “Los Angeles Agency”), (d) a representative office in Washington, D.C. licensed by the Federal Reserve (the “Washington D.C. Representative Office”), and (e) a wholly-owned bank subsidiary that is chartered in California, State Bank of India (California) Ltd. (“SBIC”).
The Bank has developed a U.S. resolution plan (“U.S. Resolution Plan”) as required by Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and its implementing regulations (the “Regulation”).
Section 165(d) and the Regulation specify that any foreign bank or company that is, or is treated as, a bank holding company under section 8(a) of the International Banking Act of 1978 (the “IBA”) and that has $250 billion or more in total, global consolidated assets must submit annually to the Board of Governors of the Federal Reserve System (“FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”) a plan for the rapid and orderly resolution of the Bank’s U.S. operations in the event of
material financial distress or failure. The resolution plan must provide a strategic analysis of how the Bank’s U.S. operations can be resolved under the U.S. Bankruptcy Code or other applicable insolvency regimes within a reasonable period of time and in a manner that would mitigate the risk of serious adverse effects to U.S. financial stability.
The Bank is a foreign-based “covered company” subject to the Regulation. In lieu of a standard resolution plan, the Bank is submitting a “tailored” resolution plan which is available for foreign-based covered companies that have less than $100 billion in total U.S. nonbank assets and whose U.S. depository institution operations, branches, and agencies comprise 85% or more of the company’s U.S. total consolidated assets. The “tailored” plan allows the Bank to limit certain information to the Bank’s U.S. nonbanking material entities and operations.
The U.S. Resolution Plan includes information on the Bank’s U.S. operations that are domiciled in the U.S. or conducted in whole or in material part in the United States and on the interconnections and interdependencies among the Bank’s U.S. and non-U.S. operations. This Public Section of the U.S. Resolution Plan provides an executive summary of the Bank’s overall resolution strategy.